JPMorgan, Kommunalbanken price during session; AT&T, Wal-Mart ease; Morgan Stanley widens

By Aleesia Forni and Cristal Cody

Virginia Beach, Oct. 15 – JPMorgan Chase & Co. and Kommunalbanken AS sold notes on Wednesday during a rough session for the broader markets.

With weaker economic data out of the United States and China fueling global growth concerns, the yield on the 10-year Treasury fell to as low as 1.86% on Wednesday.

Amid the softer backdrop, JPMorgan Chase priced a $2 billion offering of senior notes in line with price talk, which had not budged from initial guidance.

The new deal from JPMorgan came on the heels of its third-quarter earnings release on Tuesday, with the bank reporting a lower-than-expected net profit of $5.6 billion, or $1.36 per share, compared to a loss of $380 million during the previous year.

In other primary action, Kommunalbanken also sold its new $1 billion of five-year notes in line with price talk.

The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 74 bps.

AT&T Inc.’s 4.8% bonds due 2044 softened 1 bp over the session, a source said.

The 3.3% notes due 2024 that Wal-Mart Stores Inc. reopened in the previous week traded 2 bps wider, according to a market source.

In other secondary trading, Morgan Stanley & Co. Inc.’s 3.875% notes due 2024 were quoted more than 10 bps wider from Friday, a source said.

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